Global Solar Installations to reach 200 GW a year by 2025
Solar PV could supply 16% of the worlds’ energy.
By SNEHA SHAH
Global solar installations can reach 200 GW a year according to a new research by IEA. The report says that solar PV could supply 16% of the worlds’ energy and I see no reason to dispute this forecast. Solar energy prices have fallen by almost 70% in the last 6 years and solar electricity price has reached grid parity in a number of places. The prices will keep falling as scale increases and efficiency of solar photovoltaic cells keep improving. The biggest cost cuts are not coming from component price declines, but improvement in installations processes and BOS costs. Financing has also become a major driver cost reduction in solar installations, as people are becoming more confident about the longevity and sustainability of solar PV installations.